Aave, Kamino and Veda asked the SEC to consider that securities regulation should depend on the rights, obligations and powers actually created by each crypto vault. According to the three companies, human intervention or active management by a DAO does not automatically trigger US securities laws if users retain ownership of their assets and can withdraw them freely. Morpho and the Crypto Council for Innovation favor a different approach: some vaults managed by risk curators could qualify as securities because their managers select lending markets and exercise centralized influence. Assets managed by crypto vaults increased by 61% in the second half, rising from $7 billion to $11 billion, amid the expansion of tokenization.
Source: Read the original article
